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Enclosure No.2 to Despatch No.174 of the 2nd April, 1903.
[ CIRCULATED FOR INFORMATION OF MEMBERS."
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Hongkong General Chamber of Commerce.
AT A SPECIAL MEETING OF THE COMMITTEE OF THE HONGKONG GENERAL CHAMBER OF COMMERCE held in the Chamber Room, CITY HALL, on Tuesday, 23rd December, 1902, at 4 p.m. Present-Hon. C. S. Shurp (chairman), Mr. W. Poote (vice-chairman), Hon. C. W. Dickson, Messrs. E. A. Hewett, C. Michelau, N, A. Siela, J. R. M. Smith, II. E. Tomkins, R. C. Wilcox and A. R. Lowe (secretary).
The CHAIRMAN said-We are met here to- day in consequence of what is seemingly a general desire, us expressed by means of sugges tions, if not demands, in the columns of the public Press, as well as in consequence of a renewed request from our neighbours at Singa- pore, that we should consider whether it would be possible or advisable for this Colony to take steps by means of urging on the Government, or otherwise, to deal with the silver question, and if possible, bring about some measure of stability in exchange. It is needless to say that this is a question closely affecting us all, and the trade of the Colony, and of late the position has been much accentuated by the changes adopted in neighbouring countries, which bave no doubt combined with other causes to bring about a heavy fall in the gold value of the white metal, and further & movement is now in progress having for its object to place the currency of the Straits Settlements on a gold basis, which, if carried out, will no doubt have a further depreciating effect on the value of silver. A similar movement is also being made in regard to the Philip- pines, This is a subject which in past years has received not a little attention from preceding Committees of this Chamber, the result of which I will shortly summarize :→→
1892, 19th November. A general meeting of members passed the following resolution :--
That the Hongkong General Chamber of Commerce recommend to, and urge upon, Her Majesty's Government the desirability of adop- ting in concert with the other European Governments, with the Government of the United States and with that of India, also with
those of other countries, if so desired, such means as will lessen if not remove the present serious uncertainty in exchange between silver and gold-using countries which has hat so disturbing and so universally injurious an effect upon British Commerce with all Eastern and silver-using comutries.”
ex-
1893, 17th March. Committee addressed Government a request that the home authorities be pressed to fully o usider the interests of this Colony in any measures proposed with regard to Indian currency, Letters were also changed with various bodies ou the same subject, and at the Annual Meeting held in 1804, 11th May, the Chairman pointed out that though foreign traders in China suffered by the Indian movement the natives here- benefitted by it.
1897, 27th August. A letter was addressed by the Singapore Chamber of Commerce inviting this Chamber to co-operate in moring for soms remedy to bring about fxity of exchange, a subject they were then considering, and asking if this Chamber contemplated taking any action on this important matter. On 4th September, this Chamber replied that the positions occupied by the two Colonies were very different, which rendered combined action impossible in the direction of procuring relief from the instability of silver, and stating that situated on the borders of the greatest silver-using Empire in the world, with which country its trade is mainly conducted, it would te wholly impracticable for this Colony to attempt divorce from China, how- ever much, for some reasons, sucb * departure might at first sight seem desirable,
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